Got a good credit score? You could end up paying more under new mortgage rules.
CBSN
A little-known mortgage surcharge is getting an overhaul on May 1 that could impact home buyers in very different ways, potentially helping those with lower credit scores by lowering their costs. But some borrowers with stronger credit scores could end up paying more.
The revamp of the so-called loan-level price adjustment (LLPA) fee is causing consternation among some mortgage professionals, who note that buyers with high credit scores will effectively be underwriting those with low scores.
The backlash to the overhaul spurred the Federal Housing Finance Agency, which levies the fees, to issue a statement this week to call such concerns "a fundamental misunderstanding." Sensitivity about the change in fees may be heightened given the affordability crisis in the real estate market, which is pricing many buyers out of buying a home.
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